Boswell,
Being a 54 it may have hydraulics. I'll look tonight in my vintage blue motors book to see what options there were for that year.
Hydraulics are best set running, loosen until clatters a little then tighten 1/4 turn each time until it clatter stops then 1/2 turn more then stop and go on to the next valve in order all the way thru the last cyl.
Disconnect vac to set timing yes. plug at carb.
Air fuel misture screw, hook up vaccuum guage then at idle slowly turn in and out the air fuel mixture screw until you have achieved the highest vacccuum possible.
Done
Tim
